How did the younger sister help the former FLC Chairman 'pocket' more than 700 billion VND?

The Investigation Police Agency (C01) of the Ministry of Public Security has just completed the investigation conclusion of the case that occurred at FLC Group Joint Stock Company (FLC Group), BOS Securities Joint Stock Company, Faros Construction Joint Stock Company and related companies.

In addition, C01 also proposed to prosecute Mr. Trinh Van Quyet (former Chairman of FLC) for the crimes of Stock Market Manipulation and Fraudulent Appropriation of Property.

Assisting Trinh Van Quyet, his sister, defendant Trinh Thi Minh Hue (born 1981), general accountant of FLC, helped her brother manipulate stocks and commit fraud. Ms. Hue was prosecuted for both of the above crimes, like her brother.

According to the investigation conclusion, Trinh Van Quyet directed Hue and his accomplices to manipulate the stock market to gain illegal profits, inflate charter capital to sell shares without guaranteed value to investors, helping Trinh Van Quyet illegally gain more than 733 billion VND, appropriating more than 3,600 billion VND from investors. Hue knew this was a violation of the law but still did it.

Trinh Van Quyet directed Trinh Thi Minh Hue to borrow the identity cards of 45 individuals, establish and use the names of 20 businesses to open 500 securities accounts.

From May 26, 2017 to January 10, 2018, Hue used 190/500 accounts, including 79 accounts at BOS Securities Joint Stock Company, which were granted a limit for short-selling, to continuously place buy, sell, cross-match, place and cancel orders with a large quantity of the same type of securities on the same trading day to manipulate the stock market for 5 codes AMD, HAI, GAB, ART, FLC.

When the stock price increased, under Quyet's direction, Trinh Thi Minh Hue sold the shares to the market, helping Quyet illegally profit more than 733 billion VND.

The former FLC Chairman used this money to buy shares in Bamboo Airways, buy shares in FLC Travel JSC, buy shares in HAI Pesticide JSC, pay debts, transfer to securities accounts, and for personal expenses.

Trinh Thi Minh Hue also helped her brother "magically" increase the capital of Faros Construction Joint Stock Company from 1.5 billion VND to 4,300 billion VND, equivalent to 430 million shares, even though in reality there was no money.

Then, defendant Trinh Van Quyet proposed to register to list 430 million ROS shares of Faros Construction Joint Stock Company on the Ho Chi Minh City Stock Exchange for sale, appropriating 3,620 billion VND from investors.

However, in her statement to the investigation agency, the defendant Trinh Thi Minh Hue affirmed that she "committed the crime herself", not following the instructions of her brother. The investigation agency assessed that although the documents and evidence proving the crime were clear, the defendant still did not honestly confess to the crime of her accomplice, so it was necessary to deal with it with a strict sentence to serve as a deterrent.

Wisdom

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